Nasdaq 100 −0.59%
S&P 500 −0.80%
My portfolio +0.16%
Market pulse
US equities finished the week lower, with the Nasdaq 100 declining 0.59% and the S&P 500 losing 0.80%. Renewed tensions around Gulf shipping drove oil prices higher, intensifying inflation concerns and pushing Treasury yields towards 5%. Friday’s inflation report reinforced expectations of a September Federal Reserve rate increase, with core consumer prices rising 0.3% month on month against expectations of 0.2%. Stocks nevertheless recovered on Friday as oil retreated on reports of efforts to negotiate a temporary shipping arrangement through the Strait of Hormuz. That rebound limited the weekly losses but left the market facing the same central pressure: expensive energy, persistent inflation and the prospect of tighter monetary policy.
Crowd vs. Price
The week exposed a widening divide within the AI trade. AMD and Intel gained strongly on improving growth and pricing expectations, while Meta benefited from a new commercial AI offering. Nvidia, however, finished substantially lower. Enthusiasm for AI therefore remained selective: encouraging company developments could overcome the difficult macroeconomic backdrop, but the theme alone was insufficient to lift every stock. The modest index declines concealed much larger differences between individual winners and losers.
Holdings & Watchlist Notes
Advanced Micro Devices (AMD): +8.07%
AMD led the list following upbeat management commentary at Citi’s technology conference on 8 September. Expectations for data-centre revenue to double in 2027, alongside progress on the Helios/MI450 rollout, strengthened confidence in future AI-related sales. Growing demand for server processors provided further support. Much of the weekly advance occurred on Tuesday, with the move reflecting stronger expectations for future growth rather than a new quarterly earnings release.